A Study on the Relationship between Economic Value Added and Stock Return in Taiwan
碩士 === 國立交通大學 === 科技管理研究所 === 86 === Economic Value Added (EVA), developed by Stern Stewart & Co., is a financial tool that enables companies to do more with less by spotlighting the cost of capital. EVA-related metrics are increasingly being used not only in...
Main Authors: | , |
---|---|
Other Authors: | |
Format: | Others |
Language: | zh-TW |
Online Access: | http://ndltd.ncl.edu.tw/handle/19533939052127055209 |
id |
ndltd-TW-086NCTU0230012 |
---|---|
record_format |
oai_dc |
spelling |
ndltd-TW-086NCTU02300122015-10-13T11:06:14Z http://ndltd.ncl.edu.tw/handle/19533939052127055209 A Study on the Relationship between Economic Value Added and Stock Return in Taiwan 經濟附加價值與股票報酬關聯性之研究 Chen, Huey-Ling 陳惠鈴 碩士 國立交通大學 科技管理研究所 86 Economic Value Added (EVA), developed by Stern Stewart & Co., is a financial tool that enables companies to do more with less by spotlighting the cost of capital. EVA-related metrics are increasingly being used not only in internal decision making, but as a way to evaluate company performance. It is even claimed by many in the U.S. that EVA is the best indicator of business performance. One of EVA''''s most powerful properties is its strong link to stock price. However, it is not clear if EVA will still be an effective measure of firms performance when used in countries other than the U.S. In this study, I examined the validity of EVA in the premise of Taiwan''''s stock market. Specifically, two hypotheses regarding the explanatory power of EVA are examined by cross-sectional models, industry-specific models, and different groups of systematic risk models. The primary finding of this study is that the association of EVA with stock return is not as strong as suggested in anecdotal EVA stories. EVA is neither as perfect as claimed by its advocates, nor is it the only performance measure that suggests a path to a superior stock return. Chih-Young Hung 洪志洋 --- 學位論文 ; thesis 76 zh-TW |
collection |
NDLTD |
language |
zh-TW |
format |
Others
|
sources |
NDLTD |
description |
碩士 === 國立交通大學 === 科技管理研究所 === 86 === Economic Value Added (EVA), developed by Stern Stewart & Co., is a
financial tool that enables companies to do more with less by spotlighting the
cost of capital. EVA-related metrics are increasingly being used not only in
internal decision making, but as a way to evaluate company performance.
It is even claimed by many in the U.S. that EVA is the best indicator of
business performance. One of EVA''''s most powerful properties is its strong link
to stock price. However, it is not clear if EVA will still be
an effective measure
of firms performance when used in countries other than the U.S.
In this study, I examined the validity of EVA in the premise of Taiwan''''s
stock market. Specifically, two hypotheses regarding the explanatory power of
EVA are examined by cross-sectional models, industry-specific models, and
different groups of systematic risk models.
The primary finding of this study is that the association of EVA with stock
return is not as strong as suggested in anecdotal EVA stories.
EVA is neither as
perfect as claimed by its advocates, nor is it the only
performance measure that
suggests a path to a superior stock return.
|
author2 |
Chih-Young Hung |
author_facet |
Chih-Young Hung Chen, Huey-Ling 陳惠鈴 |
author |
Chen, Huey-Ling 陳惠鈴 |
spellingShingle |
Chen, Huey-Ling 陳惠鈴 A Study on the Relationship between Economic Value Added and Stock Return in Taiwan |
author_sort |
Chen, Huey-Ling |
title |
A Study on the Relationship between Economic Value Added and Stock Return in Taiwan |
title_short |
A Study on the Relationship between Economic Value Added and Stock Return in Taiwan |
title_full |
A Study on the Relationship between Economic Value Added and Stock Return in Taiwan |
title_fullStr |
A Study on the Relationship between Economic Value Added and Stock Return in Taiwan |
title_full_unstemmed |
A Study on the Relationship between Economic Value Added and Stock Return in Taiwan |
title_sort |
study on the relationship between economic value added and stock return in taiwan |
url |
http://ndltd.ncl.edu.tw/handle/19533939052127055209 |
work_keys_str_mv |
AT chenhueyling astudyontherelationshipbetweeneconomicvalueaddedandstockreturnintaiwan AT chénhuìlíng astudyontherelationshipbetweeneconomicvalueaddedandstockreturnintaiwan AT chenhueyling jīngjìfùjiājiàzhíyǔgǔpiàobàochóuguānliánxìngzhīyánjiū AT chénhuìlíng jīngjìfùjiājiàzhíyǔgǔpiàobàochóuguānliánxìngzhīyánjiū AT chenhueyling studyontherelationshipbetweeneconomicvalueaddedandstockreturnintaiwan AT chénhuìlíng studyontherelationshipbetweeneconomicvalueaddedandstockreturnintaiwan |
_version_ |
1716837071589474304 |